The Bank of Nova Scotia filed a free writing prospectus on November 9, 2026, disclosing the term sheet for Market Linked Securities auto-callable with contingent downside, principal at risk, linked to the lowest performing of the Russell 2000 Index, the S&P 500 Index, and the shares of the State Street Technology Select Sector SPDR ETF, due November 21, 2030.

Key Highlights

  • Face amount: $1,000 per security, with denominations in $1,000 and any integral multiple of $1,000.
  • Pricing and issue dates: Pricing date is November 18, 2026; issue date is November 23, 2026, both subject to change.
  • Call premium schedule: Premiums start at at least 15.00% of face amount on November 23, 2027, rising to at least 60.00% on the final calculation day of November 18, 2030, based on a simple return of at least approximately 15.00% per annum.
  • Threshold value: 75.00% of each underlying's starting value; if the lowest performing underlying falls below this at maturity, investors may lose more than 25%, and possibly all, of the face amount.
  • Estimated value at pricing: Between $922.53 (92.253%) and $952.53 (95.253%) per security, below the $1,000 original offering price.
  • Agent discounts: Wells Fargo Securities, LLC will receive a discount of up to 2.575%; dealers including Wells Fargo Advisors, LLC may receive a selling concession of up to 2.00% and a distribution expense fee of 0.075%.
  • CUSIP / ISIN: 06419UCR4 / US06419UCR41.

Bank of Nova Scotia's Structured Note Terms and Principal Risk Disclosures

According to the filing, The Bank of Nova Scotia is offering these securities under its Senior Note Program, Series A, pursuant to Registration No. 333-298611. The securities are linked to the lowest performing of three underlyings on each call date: the Russell 2000 Index, the S&P 500 Index, and the shares of the State Street Technology Select Sector SPDR ETF, whose fund underlying index is the Technology Select Sector Index. The calculation agent is Scotia Capital Inc., an affiliate of the Bank.

The filing discloses that the securities may be automatically called on any of 13 scheduled call dates between November 23, 2027 and November 18, 2030 (the final calculation day). An automatic call is triggered if the closing value of the lowest performing underlying on a given call date is greater than or equal to its starting value. Upon a call, the holder receives the face amount plus the applicable call premium. If not called and the lowest performing underlying's ending value is at or above the 75.00% threshold, the holder receives $1,000. If it falls below the threshold, the repayment equals $1,000 multiplied by the performance factor of the lowest performing underlying, meaning the holder is exposed to the full decline of that underlying from its starting value.

The filing states that "no periodic interest will be paid on the securities" and that "the potential return on the securities is limited to the call premium." The Bank's estimated value of the securities at pricing is between $922.53 and $952.53 per security, which the filing notes is lower than the original offering price, in part because the original offering price includes dealer spread and projected profit from hedging. The filing also notes the securities are not bank deposits and are "not insured or guaranteed by the FDIC or any other governmental agency."

What Was Disclosed

The Bank of Nova Scotia disclosed a term sheet for principal-at-risk, auto-callable structured notes due November 21, 2030, linked to three underlyings, with call premiums rising from at least 15.00% to at least 60.00% of face amount and a 75.00% principal protection threshold at maturity.